Deutsche Telekom AgXETR: DTE

Deutsche Telekom: Financial Report (dt 26q2 consensus pdf data)

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Consensus Details Q2 and FY 2026 - 2030 Disclaimer: This document had been issued by Deutsche Telekom AG for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding our revenues, earnings and business developments. Such estimates and forecasts cannot be independently # of estimates # of estimates # of estimates # of estimates # of estimates # of estimates

verified by reason of the subjective character. Deutsche Telekom gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.



Q2

High

Low

Average

FY 26

High

Low

Average

FY 27

High

Low

Average

FY 28

High

Low

Average

FY 29

High

Low

Average

FY 30

High Low

Average

Gross Revs [€ million]

Germany

6.368

1,3%

2,2%

0,8%

14

6.421

6.227

6.360

25.953

1,2%

2,1%

0,8%

15

26.140

24.936

25.908

26.230

1,3%

1,9%

1,0%

15

26.654

25.117

26.220

26.547

1,2%

1,8%

1,0%

14

27.274

25.284

26.549

26.860

1,2%

1,6%

1,0%

12

27.980

25.452

26.868

27.185

1,2%

1,5%

1,0%

12

28.778

25.615

27.229

Total Service rev growth YoY in % MSR growth YoY in %

FSR growth YoY in %

13

13

13

1,7%

2,9%

1,0%

1,0%

2,0%

0,4%

1,2%

2,2%

0,8%

14

14

14

2,1%

2,6%

1,9%

1,0%

1,9%

0,4%

1,3%

2,2%

0,9%

14

14

14

2,2%

2,7%

2,0%

0,5%

1,0%

0,0%

1,3%

1,8%

1,0%

13

13

13

2,6%

3,2%

2,3%

0,7%

0,6%

0,5%

1,4%

1,8%

1,2%

10

10

10

2,9%

3,2%

2,8%

0,7%

0,6%

0,6%

1,3%

1,7%

1,2%

10

10

10

3,2%

3,2%

3,2%

0,7%

0,6%

0,0%

1,4%

1,6%

1,2%

Mobile Contract Net Adds (own-branded) ['000]

BB retail Net Adds DT ['000]

200

-20

5

8

240

0

200

-25

213

-16

821

-33

6

7

950

0

300

-70

774

-35

767

-5

6

7

950

150

300

-43

732

10

658

0

5

7

950

200

300

-32

666

24

608

0

5

7

950

250

300

-22

635

39

558

0

5

7

900

300

300

-22

596

46

TMUS (gross revs in €)

19.721

22.992

19.116

1,16

3.184

2

1.033

540

-886

14

20.280

19.421

19.778

81.995

94.783

77.006

1,16

12.905

4

4.192

2.121

-3.503

15

83.722

77.966

81.587

86.209

99.079

80.891

1,14

13.137

4

4.296

2.090

-3.514

15

87.538

80.330

85.429

89.974

103.153

84.686

1,14

13.346

4

4.389

2.095

-3.527

14

90.995

82.573

88.897

93.311

106.966

88.046

1,14

13.607

5

4.455

2.117

-3.537

12

94.748

84.662

92.048

96.280

109.932

90.797

1,14

13.879

6

4.541

2.117

-3.552

12

98.233

86.602

95.010

Gross revs in $ (US GAAP) Service revs in $ (US GAAP)

$-FX-Rate: 1 Euro for ...

12

12

13

23.586

19.519

1,17

22.764

19.000

1,14

23.048

19.153

1,16

13

13

14

96.598

78.307

1,18

92.256

74.573

1,14

94.792

77.090

1,16

13

13

14

99.969

82.086

1,18

95.053

77.370

1,14

98.681

80.716

1,15

12

12

13

104.190

85.881

1,18

97.707

80.024

1,14

102.522

84.275

1,15

10

11

11

108.487

89.655

1,18

100.179

82.496

1,14

106.003

87.506

1,15

9

10

11

112.821

93.581

1,18

102.475

84.791

1,14

109.064

90.445

1,15

Europe

Group Development T-Systems

GHS

14

13

14

13

3.244

3

1.044

551

3.135

0

1.007

523

3.180

1

1.034

540

15

14

15

14

13.113

9

4.288

2.226

12.764

0

4.103

2.065

12.911

4

4.193

2.130

15

14

15

14

13.423

9

4.480

2.226

12.934

0

4.103

1.970

13.147

4

4.297

2.102

14

13

14

13

13.825

9

4.811

2.226

13.108

0

4.103

1.881

13.373

4

4.406

2.080

12

12

12

12

14.240

9

5.292

2.226

13.296

0

4.103

1.795

13.608

4

4.504

2.064

12

11

12

12

14.667

9

5.768

2.226

13.432

0

4.103

1.713

13.843

4

4.614

2.043

Reconciliation

13

-856

-952

-893

14

-3.428

-3.717

-3.528

14

-3.350

-3.948

-3.541

13

-3.276

-4.168

-3.578

12

-3.373

-4.358

-3.602

12

-3.453

-4.536

-3.641

Group revs

29.955

14

30.508

29.678

30.001

123.418

15

125.369

119.811

123.202

128.068

15

129.507

122.915

127.658

132.517

14

133.432

125.934

131.731

136.539

12

137.629

128.819

135.494

140.212

12

142.257

131.577

139.101

Adj. EBITDA AL [€ million]

Germany

TMUS

2.675

7.889

9.156

268

9.435

1.221

-10

98

-159

-3

14

14

2.697

8.135

2.647

7.809

2.672

7.927

10.992

31.533

36.429

979

37.410

4.872

-32

437

-758

-6

15

15

11.121

32.147

10.883

30.852

10.994

31.430

11.253

34.381

39.394

1.005

40.392

4.996

-33

447

-750

-6

15

15

11.447

35.676

10.982

31.143

11.246

34.060

11.494

36.559

41.783

1.019

42.795

5.103

-34

457

-749

-10

14

14

11.860

37.916

11.099

32.038

11.492

36.145

11.741

38.686

44.271

1.000

45.051

5.243

-34

463

-746

-3

12

12

12.321

41.098

11.046

33.090

11.735

38.169

11.954

40.752

46.468

1.000

47.473

5.350

-34

471

-742

-4

12

12

12.817

44.408

10.979

33.906

11.968

40.110

TMUS in $ (IFRS)

Bridge between IFRS and US GAAP in $ TMUS in $ (US GAAP)

9

8

10

9.399

315

9.640

9.098

241

9.408

9.186

269

9.468

12

11

12

36.917

1.382

37.803

36.179

886

37.269

36.436

1.025

37.464

12

11

12

40.862

2.285

41.748

36.121

886

37.350

39.208

1.131

40.050

11

10

11

43.484

2.391

44.370

37.066

886

39.457

41.452

1.153

42.275

10

9

10

47.207

2.515

48.093

38.168

886

40.683

43.708

1.179

44.486

10

9

9

51.080

2.602

51.966

39.034

886

41.636

45.828

1.194

46.702

Europe

Group Development T-Systems

GHS

14

13

14

14

1.246

-6

102

-145

1.195

-20

95

-191

1.223

-10

98

-161

15

14

15

15

4.948

-20

462

-705

4.810

-35

410

-815

4.874

-31

436

-767

15

14

15

15

5.224

-20

522

-700

4.914

-35

420

-818

5.012

-32

452

-757

14

13

14

14

5.513

-20

596

-668

4.981

-35

431

-829

5.136

-32

468

-745

12

11

12

12

5.816

-30

680

-629

5.054

-35

431

-839

5.273

-33

482

-738

12

11

12

12

6.129

-30

764

-592

5.128

-35

431

-848

5.398

-33

499

-734

Reconciliation

13

2

-7

-3

14

2

-21

-9

14

0

-31

-9

13

0

-31

-11

11

0

-31

-9

11

0

-31

-9

Group EBITDA AL adj.

11.702

14

12.020

11.633

11.748

47.000

15

47.771

46.307

46.929

50.306

15

52.035

46.772

49.975

52.878

14

55.045

48.088

52.455

55.448

12

59.056

49.566

54.882

57.841

12

63.241

50.813

57.202

Group ex TMUS EBITDA AL adj.

3.826

11

3.885

3.758

3.827

15.502

12

15.639

15.434

15.509

15.917

12

16.359

15.720

15.934

16.273

11

17.129

15.795

16.318

16.638

10

17.958

15.827

16.689

16.982

10

18.833

15.834

17.040

Group EBITDA adj.

13.262

11

13.493

12.537

13.194

53.325

12

53.718

51.550

53.165

56.636

12

57.723

52.668

56.233

59.120

12

60.487

54.054

58.653

61.506

10

63.288

55.602

60.930

63.658

10

66.040

56.919

63.071

Cash Capex [€ million]

Germany TMUS

TMUS in $ (US GAAP)

Europe

Group Development T-Systems

GHS

1.194

2.116

2.436

471

1

51

216

12

12

10

12

12

12

12

1.369

2.234

2.503

575

1

58

229

1.063

1.786

2.295

418

0,0

45

187

1.206

2.086

2.429

485

1

51

212

5.015

8.700

10.011

2.023

3

220

844

14

14

11

14

14

14

14

5.315

12.233

10.208

2.250

5

251

900

4.860

8.120

9.888

1.899

0

208

700

5.022

8.960

10.034

2.042

2

222

842

5.061

8.522

9.750

2.060

3

222

841

14

14

11

14

14

14

14

5.315

15.453

10.175

2.200

5

256

900

4.900

8.085

9.500

1.900

0

208

700

5.058

9.016

9.780

2.048

2

226

836

5.066

8.847

10.157

2.065

3

224

841

14

14

11

14

14

14

14

5.315

11.197

10.348

2.200

5

261

944

8.120

9.500

1.876

0

208

700

5.074

8.895

10.021

2.050

2

230

832

5.050

8.822

10.238

2.092

3

220

844

11

12

10

11

11

11

11

5.296

10.299

11.778

2.221

5

282

944

4.700

8.120

9.655

1.850

0

208

761

5.018

8.970

10.359

2.048

2

233

834

5.018

9.023

10.312

2.111

3

222

844

11

11

9

11

11

11

11

5.292

11.650

13.324

2.289

5

308

944

3.595

8.120

9.788

1.800

0

208

691

4.906

9.404

10.777

2.069

2

237

820

Group Cash Capex

4.071

13

4.400

3.532

4.066

16.786

14

20.838

16.056

17.079

16.629

14

23.983

16.007

17.171

17.001

14

19.703

15.964

17.068

16.986

12

18.617

16.084

17.121

17.341

12

20.029

15.675

17.476

Group ex TMUS Cash Capex

1.966

10

2.161

1.789

1.978

8.073

12

8.267

7.960

8.098

8.125

12

8.321

7.922

8.130

8.095

12

8.379

7.772

8.139

8.161

10

8.500

7.622

8.139

8.153

9

8.454

6.652

7.976

Cash [€ million]

Group FCF AL before dividends

4.882

8

5.435

4.522

4.881

19.773

11

21.012

19.135

19.872

21.653

11

23.413

20.572

21.811

23.403

11

25.217

22.186

23.674

25.116

10

27.050

23.341

25.127

26.460

10

29.323

22.882

26.488

TMUS reported FCF AL in $ (US GAAP)

Group ex TMUS FCF AL*

4.541

1.121

9

5

4.808

1.400

4.354

611

4.534

1.092

18.493

3.720

10

10

19.047

4.291

17.992

3.068

18.495

3.712

20.178

3.851

10

10

20.957

4.193

19.653

3.421

20.248

3.869

22.206

4.051

10

10

23.158

4.806

20.836

3.755

22.153

4.133

23.515

4.232

9

8

24.754

5.522

21.725

3.953

23.255

4.386

24.869

4.352

8

9

26.443

6.107

21.586

3.967

24.280

4.732

Group assumed spending on spectrum** Group Net Debt (incl. leases)

Group Net Debt (excl. leases)

172

138.276

104.249

6

9

7

333

139.001

105.179

60

137.789

103.416

190

138.401

104.275

960

136.738

102.183

10

12

13

3.515

142.237

108.176

500

130.112

91.674

1.375

136.108

100.569

7.027

138.100

103.299

9

12

12

22.188

154.465

119.743

500

122.884

85.100

8.805

138.666

102.941

2.055

135.945

98.935

10

12

12

3.687

159.038

124.336

279

112.155

73.550

1.714

134.720

98.647

800

136.259

94.436

9

10

10

2.660

166.092

130.890

300

114.851

75.297

1.186

132.826

96.220

1.228

131.635

91.299

9

10

10

3.629

173.451

137.749

500

100.370

67.513

1.542

128.540

91.303

TMUS Net Debt in $ (TMUS definition) Expected share buyback by TMUS ($) Expected DT stake in TMUS at YE (%)

Expected share buyback by DT (€)

85.213

3.600

54,2%

500

6

7

5

5

87.897

4.800

54,9%

529

83.349

2.500

53,9%

500

85.217

3.486

54,3%

506

83.828

13.643

55,0%

2.000

10

12

10

11

88.692

19.226

56,0%

2.000

82.328

10.000

52,7%

2.000

84.703

13.808

55,0%

2.000

93.769

10.000

55,6%

2.000

10

12

9

9

111.441

20.000

57,1%

5.000

80.845

6.644

53,6%

2.000

93.653

12.183

55,5%

2.889

94.716

11.968

55,8%

2.000

10

12

9

8

114.939

20.000

59,3%

8.000

72.975

9.500

53,7%

2.000

92.486

13.587

56,0%

3.125

93.438

15.888

55,8%

2.000

9

10

8

7

119.925

21.736

59,4%

8.000

47.931

9.500

53,7%

2.000

90.513

14.918

56,0%

3.302

86.785

17.687

55,8%

2.173

8

8

8

8

117.714

20.000

62,1%

8.000

23.178

9.397

53,7%

2.000

83.651

15.721

56,5%

3.418

Bottom Line [€ million]

Group adj. D&A Group adj. EBIT Group adj. Interest Group adj. Taxes Group adj. Minorities

of which T-Mobile

6.188

7.042

1.513

1.353

1.438

1.271

10

10

10

8

10

3

6.456

7.417

1.754

1.599

1.700

1.342

5.918

6.818

1.400

1.250

1.192

1.257

6.202

7.061

1.540

1.373

1.441

1.290

24.683

28.324

6.084

5.702

5.700

4.950

13

13

12

13

13

6

25.686

29.335

6.961

6.311

7.347

5.279

23.523

27.613

5.698

4.841

5.262

4.314

24.688

28.453

6.131

5.646

5.857

4.893

24.887

31.702

6.608

6.346

6.548

5.714

13

13

12

13

13

6

25.749

34.133

7.592

7.384

7.725

5.822

21.972

28.355

5.545

5.703

5.940

5.398

24.689

31.535

6.541

6.394

6.676

5.680

24.355

34.173

6.685

7.012

7.176

6.350

13

13

12

13

13

6

26.315

37.562

7.888

8.380

8.946

6.705

21.339

30.150

5.037

6.278

6.139

6.026

24.631

34.041

6.540

7.086

7.384

6.354

24.055

36.818

6.697

7.709

7.864

7.070

11

11

10

11

11

5

27.081

41.799

8.021

9.632

10.141

7.677

20.910

32.097

4.484

6.903

6.345

6.642

24.475

36.617

6.594

7.764

7.996

7.126

23.819

39.180

6.640

8.231

8.552

7.801

11

11

10

11

11

5

27.823

45.994

8.099

10.933

10.832

9.383

19.207

33.896

4.034

7.465

6.374

7.110

23.805

39.598

6.533

8.548

8.742

8.147

Group adj. Net Income (after minorities) Group adj. EPS

Dividend per Share

2.628

0,56

10

8

0

3.058

0,64

0,00

2.349

0,49

0,00

2.649

0,56

10.779

2,26

1,12

12

12

14

11.353

2,33

1,20

9.808

2,03

1,10

10.734

2,23

1,13

12.121

2,55

1,25

12

12

14

13.128

2,81

1,45

11.241

2,38

1,20

12.093

2,56

1,27

13.222

2,86

1,38

12

12

14

14.631

3,22

1,65

11.938

2,57

1,27

13.244

2,86

1,41

14.501

3,13

1,51

10

11

12

16.435

3,73

1,85

12.679

2,78

1,33

14.536

3,20

1,54

16.070

3,69

1,67

10

11

12

18.282

4,26

2,05

13.420

2,99

1,40

16.122

3,61

1,70

* Including shareholder returns GD towers, excluding shareholder returns from TMUS

** Please only include spectrum cost projections which are included in your net debt forecast